SHUAA Capital, the region’s leading financial services institution, announced that all resolutions put forward to shareholders at the Annual General Meeting held today were approved.
The AGM adopted the Board of Directors Report along with the Consolidated Financial Statements and the Auditors’ Report for the year ended 31 December 2009. Shareholders also certified a proposal to set off accumulated losses against excess statutory reserves. The Company obtained the approval of the Securities and Commodities Authority to carry out this adjustment. This action is only an adjustment within the equity account and will have no effect at all on the aggregated shareholders’ equity or balance sheet, or the issued Share Capital of the Company, which will remain 1,065,000,000 shares. Importantly, it will enable SHUAA to pay dividends to shareholders in the future should it chose to do so.
Finally, the AGM endorsed the Board members appointed to the Board since the last AGM and approved appointment of auditors for 2010.
